Australian Police Arrest Four in $123 Million Money Laundering Scheme
Australian police have charged four individuals over their alleged involvement in a Queensland-based money laundering network that is accused of moving $123 million in illicit cash into cryptocurrency. The arrests came after an 18-month federal investigation led by the Australian Federal Police (AFP) and other agencies.
On June 5–6, the AFP-led Criminal Assets Confiscation Taskforce (CACT) and the Queensland Joint Organised Crime Taskforce (QJOCTF) executed 14 targeted raids across Brisbane and the Gold Coast. The raids resulted in the seizure of crypto assets worth $110,370, along with $30,000 in physical cash, encrypted devices, business documents, vehicles, properties, and bank accounts.
Authorities allege that the money laundering scheme involved funneling drug money and criminal proceeds through a Gold Coast security company that provided armored transport services. The funds were then laundered through shell businesses, classic car sales, and cryptocurrency exchanges. The company is accused of converting large amounts of physical cash into cryptocurrency to conceal the source of the funds.
According to AFP Detective Superintendent Adrian Telfer, the organization intentionally concealed and disguised the illicit funds to avoid detection by authorities.
Crypto and Money Laundering
The case highlights the increasing use of cryptocurrency in money laundering activities. Australian authorities have warned that crypto is a favored tool for organized crime due to its anonymity and ease of transfer.
Over the past year, CACT has restrained over $110 million in assets, many of which are crypto-related, bringing the total seizures since 2019 to $1.2 billion. In a recent case in July 2024, CACT restrained $333,779 in cryptocurrency as part of a $10.1 million asset seizure related to the Gold Coast money laundering scheme.
Furthermore, a Queensland man recently forfeited a $2.9 million portfolio, including a waterfront mansion and nearly 25 BTC, after suspicious activity linked to a 2013 crypto theft was flagged by AUSTRAC, Australia’s financial intelligence agency.
The crackdown on money laundering activities involving cryptocurrency underscores the need for increased vigilance and regulation in the digital asset space to prevent illicit financial activities.